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Indians’ belief in the country’s economic future has waned, says Raghuram Rajan

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Indians’ belief in the country’s economic future has waned, says Raghuram Rajan

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Indians’ belief in the country’s economic future has waned in recent years, with the COVID-19 pandemic further affecting sentiment and pushing many middle-class citizens into poverty, former RBI Governor Raghuram Rajan said. .

Addressing virtually an event hosted by NALSAR Law University, Rajan further said that the national stock market is booming, but that it does not reflect the reality that many Indians are in deep distress. “In recent years we have lost a bit of confidence. Our faith in the economic future has diminished … the number of victims of the pandemic has further diminished our confidence in ourselves or ‘atma vishwas’, while pushing many members from the middle class to poverty, “he said.

The Reserve Bank of India (RBI) has lowered the growth projection for the current financial year to 9.5 percent from the previously estimated 10.5 percent, while the IMF has projected growth of 9.5 percent in 2021 and 8.5 percent next year.

Rajan further said that the goal of economic programs should be to create good jobs, while lamenting that states are setting aside more and more jobs for locals, undermining the idea of ​​India. “As our economic performance is declining, our democratic credentials, our willingness to debate, respect and tolerate differences is also being affected, not only in the Center but in many states. You know that community sentiment is hurting very easily, “he said. .

He also stressed the need for India to adhere to international trade agreements. Rajan, currently a professor at the Booth School of Business at the University of Chicago, pointed out that any attempt to keep a large part of a country’s population down is morally wrong. “Growth that does not lead to all is unsustainable,” observed the eminent economist.

Rajan also emphasized that there is a need to protect fundamental rights in all circumstances, saying: “When we suppress debate and criticism, this leads to poor, uniform and uninformed political decisions, with few course corrections.”


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Indians’ belief in the country’s economic future has waned, says Raghuram Rajan

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